The Black Country's new City Deal will create 1,500 apprenticeships in high-value manufacturing jobs, providing support for almost 3,000 long-term unemployed people in the area to help them find a job.
Speaking on behalf of the local authorities, Councillor Roger Lawrence, Leader of Wolverhampton City Council said:
The City Deal is an excellent example of how the Black Country’s public and private sector work together for the benefit of all. The changes that will come about as a result of the deal will make a real difference to tackling youth unemployment and providing the skills for the jobs of the future.
Chair of the Black Country LEP, Stewart Towe, said feedback from businesses suggests that assisting the growth of high-value manufacturing is critical to the prosperity of the Black Country.
Deputy Prime Minister, Nick Clegg, has heaped praise on the new deal that is set to create 5,800 new manufacturing jobs and £130million of private investment for the Black Country.
Mr Clegg said of the deal:
This marks the beginning of a new era of growth and prosperity in the Black Country. This isn’t pointless Whitehall jargon: this deal has the genuine power to change the fortunes of many people across the region by creating new jobs, boosting businesses and providing new housing...
Between government Minister for Cities Greg Clark, local authorities and the Local Enterprise Partnership, the City Deal has been made in recognition of the Black Country’s role in the UK economy; where high-value manufacturing represents the largest concentration of jobs of any LEP area.
A Black Country firm is forging its future and helping to keep manufacturing alive in the Midlands. W H Tildesley has been in business for 140 years.
Now it's invested more than a million pounds to make sure its still around for the next 140.
A local, family-run engineering business is celebrating a £1.25 million investment in new premises.
Drop forging firm WH Tidesley have been based in the Black Country town of Willenhall for over 130 years.
They manufacture steel components and parts for Aston Martin, Lotus and Morgan Motors as well as for classic Bentleys, Porsches, Ferraris and Norton Motorcycles.
Jobs in manufacturing are set to return to the Midlands from abroad, as more companies look for locally made parts.
The trend, which is called 're-shoring', sees foreign manufacturing swapped for skills and experience in the UK.
Experts are predicting a surge in jobs.
Toyota has begun production of a new estate car at its factory in Derbyshire safeguarding thousands of jobs. It's investing nearly 200 million pounds in the plant to build the Auris Touring Sports.
The company has had to recall millions of vehicles in recent years. But managers are confident they've put their problems behind them. Peter Bearne reports.
Staff at Toyota's assembly plant in Derbyshire are due to see the new model they will be making for the Japanese car firm.
The Auris Touring Sports is the first full hybrid estate vehicle in its class.
Production of the vehicle will secure jobs at the Burnaston plant for at least a decade.
It will also benefit many more companies who supply parts to Toyota.
The car is set to be unveiled in the next 10 minutes.
It's hoped the Toyota car being built in Derbyshire will safeguard jobs; welcome news for the car giant which has had a series of recalls.Read the full story ›
UK car manufacturing has risen by 6.5% in the latest figures from October.
They're also up 9.7 per-cent on last year.
The Society of Motor Manufacturers and Traders says the figures show we're on track to reach record levels for car sales over the next few years, with help from manufacturers here in the Midlands.